Applicant
Waterfront Fund
Case number(s)
200720048
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date12 March 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 508.4679 hectares of land at Purerua Road, RD1, Kerikeri, Bay of Islands.
Consideration$30,200,000
ApplicantWaterfront Fund
New Zealand (61.0%)
Australia (31.0%)
United Kingdom (except Isle of Man and the Channel Islands) (8.0%)
VendorWilliams Capital Holdings No.1 Limited
New Zealand (100.0%)
Background

Purchasing the land will allow the Applicant to develop the land known as Wiroa Station by providing 25 lifestyle blocks and increasing the productivity of the existing farm business, with the objective of providing a commercial return to the Applicant's investors.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iv) – Added market competition/Productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(d) – Historic Heritage
17(2)(e) – Walking Access
17(2)(f) – Offer to sell seabed/foreshore to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential Benefits

More informationChris Linwood
Russell McVeagh (Auckland)
PO Box 8
AUCKLAND